Purchasing Long-Term Care Insurance
Long-term care is needed if you are unable to care for yourself because of a prolonged illness or disability. It can range from help with daily activities at home, such as bathing and dressing, to skilled nursing care in a nursing home.
Things to consider when purchasing a long-term care policy:
- Financial stability of the company
- History of premium increases
- Which product best suits your needs. Review the level of protection a policy provides.
- Maximum benefit of the policy (two years, five years, lifetime)
- How many days you have to be in a nursing home before the policy starts to pay
- If benefits are available for home health care or adult day care
View of a list of long-term care companies which are actively marketing in South Dakota.
Not everyone should buy a long-term care insurance policy. For some, a long-term care policy is an affordable and attractive form of insurance. For others, the cost is too great, and the benefits they can afford are insufficient. Buying a long-term care policy should not cause financial hardship and make you forego other, more pressing financial needs. Each person should carefully examine his or her needs and resources to decide whether long-term care insurance is appropriate. It is also a good idea to discuss such a purchase with your family.
Unable to find the answers to your long-term care questions? email the Division of Insurance for assistance.
445 E. Capitol Avenue
Pierre, SD 57501
Tel. 605.773.3563
Fax. 605.773.5369
